In Nigeria, not everything that goes up comes down

The Consumer Price Index (CPI) which measures inflation increased by 16.05 percent (year-on-year) in July 2017, even as food price pressure continued into the month under review as all major food sub-indexes increased.

The latet CPI index was 0.05 percent points lower than the rate recorded in June (16.10) percent making it the sixth consecutive decline in the rate of headline year on year inflation since January 2017.

The Food Index increased by 20.28 percent (year-on-year) in July, up by 0.37 percent points from the rate recorded in June (19.91 percent). This represents the highest year on year increase in food inflation since the beginning of the new series in 2009.

The ‘’All Items less Farm Produce’’ or Core sub-index, which excludes the prices of volatile agricultural produce eased by 0.30 percent during the month to 12.20 percent points from 12.50 percent recorded in June as all key divisions which contributes to the index increased.

On a month-on-month basis, the Core sub-index increased by 1.00 percent in July, 0.32 percent points lower from 1.32 percent recorded in June. The highest increases were recorded in clothing materials and articles of clothing, furniture and furnishing, books and stationary, medical services, glassware, tableware & household utensils, accommodation services and household textiles.

The average 12 month annual rate of rise of the index was recorded at 15.80 percent for the twelve-month period ending in July 2017, 0.42 percent points lower from the twelve month rate of change recorded in June.  

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